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Macy's department store is a supermarket establishment that has a wide range of consumer offerings in various product categories. To thrive, Macy's department store must make a business decision that includes a range of marketing tools that the store will use to achieve its marketing targets in the given market. Item, advertising, location, and price are the four key components of marketing decisions. For an entity to prosper, all four aspects must be closely examined in order to develop the best practices and tactics that will enable the enterprise to remain in the market for a longer period of time. (Ramya, 2017) Formalized adverbial adverbial
The object that meets a customer's needs or desires is referred to as a product feature. the element help improves the sales of the store, both the tangible and intangible goods should be designed to meet the customers' needs. The products in the store to compete should be of right features and quality, to ensure customers retention. The store should serve the customers with the exact products they require, and the good sorted regarding product range, product mix, and product line. The store should also acquire the right brands that the customers look for, with the right labels and packaging. To succeed the services offered in the store should be targeted at satisfying the customers' want and needs, the store needs to offer guarantees and warranty on their products and also manage the return of already sold goods. The store should manage its products through their life cycle to keep track of the new products that the customers desire. (Srijumpa, 2017)
Place decision varies with different strategies used by the store, from the location of the company to where customers reside. The location of the store should be strategic to provide customers access and convenience. The distribution of goods to and from the store strategies should be convenient; the store can employ fast, selective or exclusive delivery of products. The market that the company is serving and the competition around it can be used to its advantage. Place decision also includes the channel members, channel selection and the relationship between the store and its channel members. Assortment, the stock store, transportation options, logistics, and warehousing decision for the entity, all under this category.
Price is the amount of currency a customer pays for a good. The store price strategies, tactics, and settings should be based on the current information on the product and competition in the market they operate. Allowances offered to the members of their distribution channels assist in keeping up with competition from other department stores. The store offering discounts to their customers and flexible payments methods that are convenient for example, use of credit cards to pay for the goods. (Jackson, 2017)
Processes in the store's operations are the mechanisms, actions and how the activities flow in service delivery. For the departmental store to enhance its procedures, use of service blueprint is encouraged. The plan shows all the entity's operations, and how they flow to ensure efficient service supply, it also diagnoses weak points, system failures and critical incidents in the flow of services. This tool allows the store to track and monitor performance and analyze resources required and their allocation. Through blueprint Macy's store can assist create and measure the critical performance pointers and offer an arrangement of best practices in operations, this enables the store to keep up with competition in the market. Promotion strategies can also be used to improve sales by proper balancing of public relations, direct marketing, advertisement, and sales promotion to attract new customers and also retain their market share. (Srijumpa, 2017)
If one of the elements of the marketing mix is off balance from the other factors, the success of the company will fall as all elements must be used together to develop a market for the store. For example, if the store deals with products that do not meet the customer's requirement, all the other elements in the shops will be affected since the promotional, price and processes efforts depend on the products offered. (Jackson, 2017)
The customers only buy the goods they require to meet their demands from the stores conveniently located to where they reside and with the right prices that are affordable. All the elements of market mix must be used together to bring about the success of an entity; the store must ensure their processes are adequate and the flow of goods along the channels to the customers is smooth. The prices for the products in the store should be fair and right promotional efforts to retain customers to assist more sales in the store and acquisition of a significant market share in the given market and keep up with competition from other departmental stores.
Srijumpa, R. (2017). What beyond marketing 3.0: The 4Ss marketing mix strategy for sustainability. Journal of Global Business Review. 15(1), 1-12.
Asadi, N., Jackson, M., & Fundin, A. (2017). Implications of realizing mix flexibility in assembly systems for product modularity-a case study. Journal of manufacturing systems.
Ramya, N., Ali, S. M., & Bhuvaneshwari, A. (2017). A study of consumer buying behavior in departmental store (with special reference to Coimbatore city). IJAR, 3(3), 734-737.
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